Beach Club Inc
- Assets
- $45.9m
- Revenue
- $8.7m
- Investments
- $958.0k
- Employees
- 141
- Location
- Palm Beach, FL
- Founding
- 01/1992
- Data as of
- 11/2023
- EIN
- 59-1216007
Organization Overview
Beach Club Inc is located in Palm Beach, FL. The organization was established in 1992. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 11/2023, Beach Club Inc employed 141 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beach Club Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 11/2023, Beach Club Inc generated $8.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $13.8m during the year ending 11/2023. While expenses have increased by 9.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BIND ITS MEMBERS TOGETHER BY A COMMON OBJECTIVE DIRECTED AT PLEASURE AND RECREATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOOD AND BEVERAGE SALES TOTALED $ 2,954,033 FOR THE YEAR ENDING 11/30/23, OF WHICH $ 1,175,151 WAS NON-MEMBER RELATED INCOME.
THE BEACH CLUB PROVIDES SERVICES TO APPROXIMATELY 700 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
E Craig Coats President | OfficerTrustee | 1 | $0 |
Dr Bruce Ouellette Vice President | OfficerTrustee | 1 | $0 |
Michael H Agnello 2nd Vice President | OfficerTrustee | 1 | $0 |
Leigh Larmoyeux Secretary | OfficerTrustee | 1 | $0 |
Victoria Johnston Treasurer | OfficerTrustee | 1 | $0 |
David Thomas Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $8,188,125 |
| Investment income | $296,029 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,612,383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,757,294 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,707,564 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,423,753 |
| Pension plan accruals and contributions | $187,186 |
| Other employee benefits | $1,519,851 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,449,211 |
| Insurance | $586,153 |
| All other expenses | $1,497,478 |
| Total functional expenses | $13,827,383 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,012,054 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $490,866 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $185,834 |
| Prepaid expenses and deferred charges | $195,545 |
| Net Land, buildings, and equipment | $35,498,946 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $958,045 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $603,647 |
| Total assets | $45,944,937 |
| Accounts payable and accrued expenses | $732,515 |
| Grants payable | $0 |
| Deferred revenue | $6,949,080 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,345,636 |
| Total liabilities | $17,027,231 |
| Net assets without donor restrictions | $28,917,706 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $45,944,937 |